According to Bloomberg, citing a White House memo, Sachs and Kraft liquidated their entire crypto portfolios – Bitcoin (BTC), Ethereum (ETH), Solana (SOL) – ahead of Trump’s inauguration on January 20.
This was revealed by White House adviser David Warrington on March 5.
Included in the sales: Sachs sold his stakes in Coinbase and Robinhood, as well as his limited partner shares in crypto funds Multicoin Capital and Blockchain Capital.
Kraft Ventures did the same and sold its stakes in Multicoin Capital and Bitwise Asset Management.
Sachs has repeatedly emphasized that he no longer has any interest in cryptocurrencies – at least not since he became the White House’s crypto czar. He spoke specifically on the issue while responding to a tweet from V.C. reporter George Hammond on March 3.
“Correct. I sold all my crypto (including BTC, ETH and SOL) before the administration began,” he told X (formerly Twitter).
Democratic Senator Elizabeth Warren also pressured Sachs to make his financial details public. By selling his crypto assets before taking on the role of crypto advisor, Sachs is clearly distancing himself from any potential bias. But what is Trump’s track record on this issue? That’s a different story. On the eve of his inauguration ceremony, Trump launched a token that has no utility. But that didn’t stop it from gaining popularity and reaching a peak value of $15 billion.
These customers? They lost billions. The official Trump token has lost about 83.5% of its value from its all-time high. See below.
A recent investigation by the Financial Times shows that the project raised at least $350 million in the first three weeks after launch. Despite claims that “it is not distributed or sold by Donald Trump or his associates,” the memecoin’s real name is unknown. The supporters appear to be Trump subsidiaries CIC Digital and Fight Fight Fight LLC, which own 80% of the tokens.
Trump's cryptocurrency ventures did not stop there. Last September, he launched World Liberty Financial, a decentralized finance platform that trades WLFI tokens. His sons Eric, Don Jr. and Barron are reportedly involved in the project.
World Liberty Financial raised $550 million in a token sale this week, bringing its total funding to nearly $600 million. ICO drops data shows the company has raised $550 million so far by selling its WLFI tokens.
Last month, Crypto.News reported that World Liberty Financial sold more than 24 billion tokens, leaving about 950 million tokens available for purchase.
Notably, on March 6, Trump signed a second executive order to create a US Bitcoin reserve and a reserve of digital assets. At the time, Sachs downplayed the significance of the decision to include altcoins in the reserve.
Binance is reportedly in talks with Trump and/or World Liberty Financial to sell a financial stake in its US branch. The discussions reportedly began as Binance, the world’s largest cryptocurrency exchange, began trying to re-establish its presence in the US market.
It is still unclear whether this stake will be contingent on the pardon of Binance founder and former CEO Changpeng Zhao.
Consider Binance’s recent run-ins with the law. The company, which has no official headquarters, has faced serious legal troubles due to allegations of money laundering and regulatory violations.
But under the Trump administration, crypto companies like Binance could benefit from lighter regulation. For the time being, Trump’s SEC leadership has dropped several investigations into cryptocurrency companies that have been launched under President Joe Biden, including Binance.
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